In lieu of receiving cancellation messages from the OCC, every month FIA Tech automatically reverses/cancels USLO trades in Atlantis that have an equal and offsetting position.
Trades are determined to be equal and offsetting based on several criteria, including but not limited to:
- Trade Date
- Exercise Price
- Option Expiration Date
- Trade Price
- EB Firm Code
- CB Firm Code
- Put or Call
When are reversals processed?
There is a two-phase process every month for USLO Auto-Reversals.
- Phase 1: PRELIM – A preliminary report is generated on the 3rd weekday of the following trade month showing all trades that are scheduled to be cancelled during the FINAL phase.
- Phase 2: FINAL – 2 weekdays prior to Clearing Broker lock, the actual reversal/cancel process is run and a final report is generated showing all trades included in the process.
Where can I view USLO Reversals Reports?
Reports can be found in the Notifications tab of the Atlantis UI on the dates advised in the previous section. The reports will follow these naming conventions:
- PRELIM report: [Participant Code]_PRELIM_UsloReversals_[Trade Month-Trade Year]
- Final report: [Participant Code]_FINAL_UsloReversals_[Trade Month-Trade Year]